A sequence of 3 down days ended Mon as profit taking developed at the bottom of the Keltner channel. Gains were limited, after a negative gap on the open, and unable to regain any significant portion of Fri’s decline. This, despite minor gains in Asia, reflects the weakness of demand and while early gains are probable we look for them to be limited. So scope through .8761 to .8739 or even .8712.…Continue
Each day last week saw net losses produced in GBPUSD but that setback from 4 year highs has proved temporary.
So at 3cAnalysis we’re looking for higher levels in the coming days with expected intraday dips being bought with potential…Continue
Recent consolidation ended last week with a move that emphasised the importance of buying at a 50% pullback point. Increasing demand resulted in the most powerful weekly gains since Jun and with the highest levels since 2009. The speed of the upside means signals are overbought and prone to profit taking but with prices hugging the top of both weekly and daily Keltner channels, and the 13 day avg supportive there is potential for 1.6878 and 1.7043…Continue
Expected selling pressure last week was confirmed as the rejection of levels near the 50% correction point (1.1236, 2009-11 fall) was shown important. Although the 13 day m.a, and a Marabuzo line from Jan 22nd, held the downside for the bulk of the week, Fri’s selling confirmed a more negative tone. In fact, last week's performance was the most bearish since September and formed a Bearish Engulfing pattern on weekly candle charts.
So, although some volatility must be…Continue